Turbine incubator is making sure that our incubated start-ups have all the up to date information and tools needed to better prepare them. In that view, our 5th workshop for our incubated start-ups has been Cash flow and Budgeting.
The Guest Speaker
Jean Roland Béchard, Director at KPI Chartered Accountant and Associates Ltd and Financial Director at Early Birds Consulting Services Ltd. JRB is an expert in reinventing finance and accounting to promote innovation. He helps companies on their annual report and advises on their business platform and financial strategies.
From the various types of budgeting to the items we need to consider, JR Béchard explained the whole concept of budgeting. He emphasized on its importance and benefits which are to better attract investors, have clear sales goals, better decision making, tax preparation, liquidity and line of credit.
JR Béchard also explained cash flow and used case studies to make it simpler. He showed our start-ups tools to use, such as the “youngentrepreneursltdfinancials.xlsx” doc he prepared which makes it easier to record and process the cash flow. He explained that there are however many cash flow problems; poor business management, poor inventory, decline Sales, no KPI, poor credit and debtor management.
He mentioned “Business Reengineering and Rescue”which can reiterate a business cash flow issues. This includes to identify and analyse potential problems or current ones and tackle them. Although, the business reengineering and rescue depends mainly on the management and normally they may take too long to identify, analyse and implement the changes needed to save a business in distress.
Accounting is no easy task but remains essential. All entrepreneurs, even if you may employ an accountant or get help, it is a must to understand the concept of accounting. Here is an article JRB recommends reading.